Adani Ports to acquire Europe's second-largest liquid storage operator Evos, add 8 European terminals

Adani Ports and Special Economic Zone (APSEZ) on Thursday said it has agreed to acquire a 100% stake in Netherlands-based Evos B.V. for an enterprise value of €2.56 billion ($2.88 billion)

This marks Adani's major expansion into Europe's liquid storage market.

The all-cash transaction will see APSEZ acquire Evos from Igneo Infrastructure Partners. The deal values the company at an equity value of €1.18 billion, with an acquisition multiple of 11.7 times its 2025 enterprise value-to-EBITDA.

The acquisition will add eight port-based terminals across the Netherlands, Germany, Spain, Belgium and Malta to Adani Ports' portfolio. Once completed, APSEZ's global network will expand to 28 ports and terminals across 10 countries.

Evos is Europe's second-largest independent liquid storage operator, with 6.3 million cubic metres of storage capacity across its eight terminals.

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The company operates 452 storage tanks and 63 vessel and barge berths. Its facilities are located in major European energy hubs, including Amsterdam-Rotterdam-Antwerp, Hamburg and the Mediterranean.

Evos handles products such as gasoline, diesel, marine fuels and jet fuel, alongside sustainable aviation fuel, biofuels, methanol and bioethanol.

In calendar year 2025, Evos reported revenue of €392 million and EBITDA of €219 million, with an EBITDA margin of 56%. It handled 37 million tonnes of cargo during the year.

The company also reported average commercial occupancy of 99%, supported by long-term customer contracts.

Karan Adani, Managing Director of APSEZ, said the acquisition would strengthen the company's international presence and support its ambition of handling one billion tonnes of cargo.

"Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform. We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs," he said.

"We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth," Adani added.

APSEZ said the transaction would be funded through debt. Japanese financial group MUFG is the sole underwriter and has provided financing commitments of up to €2.8 billion.

The combined company's pro forma net debt-to-EBITDA ratio is estimated at 2.76 times, which APSEZ expects to bring down to around 2.5 times by FY27.

The transaction remains subject to regulatory approvals and consultations with workers' councils in Europe.

APSEZ said the acquisition would strengthen its international business by adding predictable cash flows and expanding its presence in the global energy and industrial supply chain.